Legal tech startup Vakilsearch has raised $10 Mn from Incorp India. Currently offering legal, tax, and compliance-based services to small businesses and individuals, the company plans to launch a revamped tech platform in December, Inc42 reported.
Vakilsearch has been helping startups comply with different laws and has served over 120,000 customers. It has a growing network of over 1000 professionals from multiple cities. It also facilitates intellectual property applications and registrations, tax returns, and also offers a law practice management software ‘Libra’.
Plans for a revamped platform
Vakilsearch plans to launch a revamped tech platform in December this year. The revamp will mark a shift from a transaction-based service to a client-based advisory platform offering AI-based compliance and advisory solutions.
InCorp India CEO Manish Modi said:
“With this investment, we will leverage the strengths of Vakilsearch and accelerate our Artificial Intelligence (AI) and Machine Learning (ML) initiatives. Vakilsearch will increase the depth of its service offerings by augmenting the technical capabilities and global best practices of InCorp India. Reciprocally, InCorp India will add speed and efficiency to serve its clients technologically across locations.”
Legal Tech on the Rise
The global legal services market reached a value of $713 Bn in 2020. It is further expected to grow to $908 Bn in 2025, and ultimately to $1.1 Tn in 2030. The Asia Pacific market is expected to grow at a CAGR (Compound Annual Growth Rate) of 7.2% during the same period.
This week, Gurgaon-based legal compliance software Complinity also raised $750,000 from Riso Capital and a few other angel investors. The firm covers 2000+ Laws and 20,000+ compliances in India across all states and 50+ industry verticals.